Credit Spreads and Monetary Policy
用带信用摩擦的DSGE模型评估了在泰勒规则中加入信用利差调整的效果，发现调整能改善政策，但最优调整幅度取决于利差变动的来源。
We consider the desirability of modifying a standard Taylor rule for interest rate policy to incorporate adjustments for measures of financial conditions. We consider the consequences of such adjustments for the way policy would respond to a variety of disturbances, using the dynamic stochastic general equilibrium model with credit frictions developed in Cúrdia and Woodford (2009a) . According to our model, an adjustment for variations in credit spreads can improve upon the standard Taylor rule, but the optimal size of adjustment depends on the source of the variation in credit spreads. A response to the quantity of credit is less likely to be helpful.